Global

Details

  • Service: Tax, International Corporate Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 9/18/2012

United Kingdom - Request for comments on FATCA agreement 

September 18: HM Revenue & Customs (HMRC) today published a consultation document seeking comments with respect to an agreement between the United Kingdom and the United States concerning the Foreign Account Tax Compliance Act (FATCA) provisions.

Representatives of the United Kingdom and the United States last week signed a bilateral agreement to implement the information reporting and withholding tax provisions under FATCA. See TaxNewsFlash-Europe: United Kingdom - Bilateral FATCA agreement with United States


The HMRC consultation document—Implementing the UK-US FATCA Agreement—sets out how the UK government intends to legislate to deliver the commitments made under the bilateral agreement, and seeks views on the proposed approach as well as information on the expected compliance costs.


According to the consultation release, the UK government has received “a large number” of reports from the financial services sector regarding legal difficulties in complying with the FATCA reporting requirements, specifically (but not only) concerning data protection.


The consultation period is 10 weeks, from 17 September 2012 to 23 November 2012.




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